Technology company adviser and investment company MXC Capital started trading at a significant premium following the completion of the reversal into shell Broca.
Broca was previously known as 2ergo prior to the disposal of the loss-making mobile coupon and loyalty business to Eagle Eye Solutions in a £4.5m cash and shares deal that was part of the buyer’s flotation on AIM. Broca had £2.9m in cash after the deal and the 1.22 million Eagle Eye shares are valued at £1.83m at 150p a share.
MXC was acquired from MXC Holdings for £6m in shares at 1p each and a further £8.5m has been raised at the same price. The shares began trading at 1.88p each, which values MXC at £34.8m. MXC Holdings owns 51.55% of the enlarged share capital and it will provide consultancy and office services to MXC for £250,000 a year.
MXC is a FCA-registered corporate adviser to technology companies and the strategy is to generate adviser fees and take investments in turnaround and buy and build situations.
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